Page 5 - Earnings

J&K Bank Q3 net profit jumps 35% to Rs 421 crore as bad loans decline

J&K Bank on Saturday reported a 35 per cent rise in net profit to Rs 421 crore in the third quarter ended on December 2023 on the back of a decline in bad loans and improvement in core income. The bank had earned a net profit of Rs 311 crore in the October-December quarter of 2022. The total income of the bank increased to Rs 3,063 crore in the quarter as compared to Rs 2,682 crore in the December quarter of the previous fiscal, J&K Bank said in a regulatory filing. The bank's interest income rose during the third quarter of the current fiscal to Rs 2,881 crore, as against Rs 2,441 crore in the same period last fiscal. The gross non-performing asset (NPA) ratio improved to 4.84 per cent as of December 31, 2023, as against 7.25 per cent as of December 31, 2022. Similarly, the net NPA also declined to 0.63 per cent as compared to 2.08 per cent at the end of December 2022. Provision coverage ratio as of December 31, 2023, is 91.61 per cent without taking into account the floating

ICICI Bank's Q3 profit at Rs 10,272 cr on account of strong loan growth

Indian lenders have been reporting double-digit loan growth consistently over the past few months owing to higher demand, but rising deposit costs have squeezed their margins

HDFC AMC PAT surges 32% to Rs 488 cr, income up 23% in Oct-Dec quarter

HDFC Asset Management Company Ltd (HDFC AMC) on Thursday reported a 32 per cent year-on-year jump in profit after tax (PAT) at Rs 488 crore for the three months ended December 2023. In comparison, the company had posted a PAT of Rs 369.16 crore in the year-ago period, HDFC AMC said in a regulatory filing. The company's total income surged 23 per cent year-on-year to Rs 814.17 crore in the October-December quarter of the current fiscal (FY24), from Rs 663 crore in the year-ago period. During the period ended December 31, 2023, the asset management firm paid a final dividend of Rs 48 per equity share (face value of Rs 5 each) for the year ended March 31, 2023. For the nine months ended December 31, 2023, the company clocked a PAT of Rs 1,402 crore and total income of Rs 2,312.14 crore. HDFC AMC is an investment manager for HDFC Mutual Fund, one of the largest mutual funds in the country. Shares of HDFC AMC were trading 2.30 per cent higher at Rs 3,496.25 on the BSE.

Lupin's net profit jumps nearly four-fold on strong US growth, stock up

US sales cross $200 million for the first time in two years, beat analyst expectations

Devyani International posts 43% drop in Q2 profit amid rise in raw material

Consolidated net profit fell to Rs 33.35 crore ($4.01 million) for the second quarter ended September 30, from Rs 58.76 crore a year ago

Olectra Greentech's PAT nearly triples to Rs 19 cr in Q2 on higher revenues

Electric vehicles manufacturer Olectra Greentech's profit after tax nearly tripled to Rs 18.58 crore in September quarter 2023-24 mainly on the back of higher revenues. In the year-ago period, the PAT was Rs 7.42 crore, a company statement said. Revenue for Q2 FY24 was Rs 307.16 crore as against Rs 177.34 crore earlier. It said the revenue grew due to increase in vehicle deliveries. During the quarter under review, Olectra delivered 154 electric vehicles, against 111 delivered in the same period of 2022-23, it stated. The company has delivered over 1,437 electric vehicles till date. Strong demand continues with the total number of bus orders on hand at 8,208 units, it stated. The company reported Earnings Per Share (EPS) of Rs 4.40 for the half year ended September 30, 2023, compared to Rs 2.95 for the year-ago period. During the first half of 2023-24, the PAT was Rs 36.65 crore, up 52 per cent, compared to the same period a year ago. Revenue was Rs 523.18 crore, up 14 per cent

Q2 earnings, global trends, trading activity to drive market: Analysts

The ongoing quarterly earnings report card of corporates, global trends and trading activity of foreign investors are key factors to drive the momentum in the equity markets this week, analysts said. Moreover, markets would also focus on global oil benchmark Brent crude and the rupee-dollar trend. "On the domestic front, the upcoming release of Q2 earnings report is expected to have a significant influence on market sentiment. If FIIs (Foreign Institutional Investors) shift to net buying, it could further propel the market's upward movement," Swastika Investmart Ltd Head of Research Santosh Meena said. While geopolitical concerns persist, they have had limited impact on the market's overall trajectory, Meena said, adding that the resilience of global markets will be crucial in determining the sustainability of this positive momentum. From the macroeconomic front, the industrial production data is scheduled to be announced on Friday after market hours. "Global and domestic ...

More cos have managed to beat profit estimates in Q2FY24: ICICI Securities

This has led to an upward revision in earnings growth estimates for FY24 as well as FY25

Karnataka Bank Q2 result: Net profit declines 20% to Rs 330 crore

Karnataka Bank on Thursday reported a 20 per cent decline in its net profit to Rs 330 crore in the second quarter ended September. The lender had posted a net profit of Rs 412 crore in the year-ago period. Total income in the second quarter of the current fiscal rose to Rs 2,276 crore from Rs 2,031 crore in the same period a year ago, Karnataka Bank said in a regulatory filing. The net interest income (NII) of the bank improved to Rs 822 crore as against Rs 802 crore in September 2022. The bank's asset quality showed marginal decline as gross non-performing assets (NPAs) rose to 3.47 per cent of gross advances at the end of the September quarter from 3.36 per cent a year ago. However, net NPAs or bad loans declined to 1.36 per cent as against 1.72 per cent in the year-ago period.

Mindspace REIT's Q2 net operating income jumps 18% to Rs 491 crore

Mindspace Business Parks REIT has posted an 18 per cent increase in its net operating income (NOI) to Rs 491 crore for the second quarter of this fiscal. Its NOI stood at Rs 417 crore in the year-ago period. The revenue from operation rose 21 per cent to Rs 600 crore in the July-September period from Rs 497 crore in the corresponding period of the previous year, according to a regulatory filing on Monday. Mindspace REIT has declared a distribution of Rs 284 crore or Rs 4.79 per unit for the second quarter of this fiscal. Of this, around 90 per cent is in the form of dividends, tax-exempt in the hands of unitholders. Ramesh Nair, Chief Executive Officer of K Raheja Corp Investment Managers, the manager of Mindspace REIT, said, "We have had a good quarter in terms of NOI growth". "India's tech prominence and growing office space demand, driven by GCCs, is promising, and the IT industry considering a return to a 5-day office week is encouraging. "While short-term challenges are exp

Fed rate decision, macroeco data, earnings to dictate mkt trends: Analysts

The US Federal Reserve's interest rate decision, global cues, macroeconomic data announcements and the ongoing quarterly earnings are the major triggers that will dictate trends in stock markets this week, analysts said. Besides, the trading activity of foreign investors and the movement of global oil benchmark Brent crude will also be tracked. "All eyes are on the outcome of the US Federal Reserve meeting scheduled for November 1, particularly due to the multi-year high levels of the US bond yields. Additionally, the policy decisions of the Bank of Japan will be closely watched. "Beyond these key events, global factors will also play a crucial role. Economic data releases from the US and China, as well as the ever-changing geopolitical situation, will influence market sentiment," said Santosh Meena, Head of Research, Swastika Investmart Ltd. Among firms to announce their earnings this week are Adani Green Energy, DLF, TVS Motor Company, Bharti Airtel, GAIL, Hero MotoCorp, Tata Ste

McDonald's India franchisee Westlife's PAT falls to Rs 22.37 cr in Q2FY24

The franchisee said consolidated net profit after tax fell to Rs 22.37 crore ($2.7 million) in the July-September quarter from Rs 31.54 crore a year earlier

It's time for bottom-up stock picking, says Anand Rathi's Varun Saboo

"The Indian economy and the fundamentals of India Inc are standout, but valuations, on the whole, have become rich," Saboo says

Jawan box office collection Day 4: SRK movie to soon cross 400 cr mark

SRK's Jawan is doing phenomenal business at the box office and has earned Rs 384.69 crore in just four days. Jawan has already become one of the highest-grossing movies of the year

10 best side hustle ideas to earn extra money every month in 2023

Side hustles are the best way to make some extra money at home without quitting your existing full-time job. You can earn good money in your spare time. Here are the 10 side hustle ideas

Zomato Q1FY24 results: Food delivery platform reports net profit of Rs 2 cr

Zomato's revenue from operations rose nearly 70.86% YoY to Rs 2,416 crore from Rs 1,414 crore last year

Zydus Wellness Q1 results: Net profit falls 19.41% YoY to Rs 11,040 cr

Zydus Wellness' revenue from operations fell nearly 0.89% YoY to Rs 69,920 crore from Rs 69,300 crore last year

Varun Beverages Q2 results: Net profit rises 26.2% YoY, revenue up 13.5%

The company's revenue from operations was up 13.5 per cent to Rs 56,997.34 crore from Rs 50,175.75 crore in the June quarter last year

Macroeconomic data, global trends, earnings to guide mkt trends: Analysts

Domestic macroeconomic data announcements, global trends, quarterly earnings and foreign fund trading activity would dictate terms in the equity markets this week, analysts said. Besides, movement of rupee against the US dollar and global oil benchmark Brent crude price would also guide the trading pattern in the equity markets. "From a macroeconomic perspective, market participants will be closely observing key events like the upcoming release of the US manufacturing PMI data, US services PMI data and US non-farm payrolls scheduled between August 1 and August 4. "These indicators can provide valuable insights into the state of the global economy and may impact market sentiment. Additionally, institutional activity will also have a significant impact on market trends," said Pravesh Gour, Senior Technical Analyst, Swastika Investmart Ltd. Among domestic macroeconomic numbers, PMI data for manufacturing and services sectors will be announced on Tuesday and Thursday, respectively. Ad

Bajaj Finserv Q1 results: Net profit jumps 48.3% YoY to Rs 1,942.63 crore

The company's revenue from operations rose nearly 46.5% YoY to Rs 23,279.98 crore from Rs 15.888.26 crore last year